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March 2017 Archives

Options for trusts when planning for the future

As Texans navigate estate complexities when formulating a plan for the future, there are numerous issues for them to take into account. This is true whether the portfolio is of significant value or it is of more modest means. People who are thinking about trusts and the distribution of assets to their heirs can take advice from those who are of substantial means and tailor a plan to suit their own goals. One example is how billionaire Warren Buffett crafted his estate and its distribution.

Factoring the estate tax into estate planning

Texans who are estate planning have long considered tax implications as a potential issue for heirs. The last thing that a person wants to do when crafting an estate plan is to leave the heirs with a huge tax bill. With the new presidential administration of Donald J. Trump, the estate tax - also referred to as the death tax - was a campaign issue and he asserted his intention to repeal it. Those who are crafting an estate plan should think about if and how to account for the repeal if it happens.

Are you prepared for expected and unexpected business changes?

If you sat down today to write a list of pros and cons regarding your journey as a business owner, hopefully, your pros list would be the longer of the two. Sure, creating, launching and growing a business to success is wrought with challenge, but it can certainly be a tremendously rewarding experience as well. Whether you've owned your business for only a few years or have held the reins for decades, there's something to be said for bringing a dream to fruition and keeping it going.

Younger people should not ignore creating an estate plan

The idea of drafting estate planning documents and formulating strategies for the long-range future might be something that many Texans view as the responsibility of older people. However, younger people are well-advised to be aware of the need to craft an estate plan. While many are of the belief that this is contingent on having significant assets, it is not the case. The main goal behind any estate plan is to make certain that loved ones are cared for in the event of incapacitation or death. The creation of a cogent plan does not have to be complex. Being aware of foundational issues is key.

Legal help with the common probate issues in Texas

Probate issues can be complicated and difficult to understand for many Texans. In an attempt to make them clearer, it is beneficial to know the three different types of probate administration. There are benefits and negatives to all three types. For those who are determining which type of probate is best for them, having a basic grasp of these alternatives is useful. The three options are dependent administration, independent administration, and muniment of title.

The importance of having a wise estate plan in Texas

Texans who are planning for the future when they have passed on will want to cobble together a comprehensive estate plan that will cover all the bases. However, it can be difficult to know what aspects to focus on. This is particularly true when there is a certain amount of wealth at stake. Complicated estate planning can be difficult and knowing what to pay strict attention to and what is less important are keys to the process. The following are deemed to be imperative: tax and estate planning, family communication, listening to the different perspectives, having a strong educational foundation, and creating a plan and sticking to it.

Estate planning pitfalls should to avoid

Many Houston area residents will eventually get to the point where they realize that they need to have an estate plan drafted. There are many different reasons for why people finally get to this realization; perhaps a child has been born, or the family is beginning to realize that they have accumulated significant assets. Whatever the reason, it is always a good idea to have an estate plan in place. However, when creating your estate plan, it is very important to do so carefully, and with the help of a skilled attorney. A lawyer can help you avoid the pitfalls that plague many people who try to rush or go it alone when creating a plan.

Important points to remember about handling estate planning

Texans might be reluctant to think about estate planning due to the realization that it pertains to his or her death. However, it is imperative to put that negative feeling aside and consider the positives of doing so. Failing to move forward with drafting estate planning documents can cause family disputes and long-term problems after death. Remembering to take certain steps can remove the pain and fear from the process and be beneficial in the long and short run.

Addressing problems that can lead to probate litigation

Houston residents may face a time in life when they are dealing with probate issues that they never imagined would be a problem. For some, they may unexpectedly be a named beneficiary in a will or trust. For others, they may find that they expected to be the recipient of the assets in an estate, only to find that the estate plan that they knew about had been altered. There are many different reasons that a legal dispute might arise when an estate plan becomes effective, and they could all lead to probate litigation.